simple enough to use a 555 timer set to astable mode (it runs as a clock) to drive the LED.

See http://www.national.com/ds/LM/LM555.pdf page 7 under "Astable Operation" for a circuit that requires1 555 timer, 2 resistors, and two capacitors, plus, of course, the LED and its current limit resistor) (it would be the lower "Rload" between pin 3 and ground in figure 4 of the cited document)...